Whole Life Plan Compare

Whole Life insurance Policy

Whole life
insurance policy exactly means what the name indicates. It is designed to offer
life long insurance coverage to the policyholders. On the death of insured
person under this policy, sum assured plus bonus will be paid to the
nominee/beneficiary. These plans do not have survival benefits, as the term of
the policy is not fixed. Person holding perilous risks on his life and that can
affect the standard of living of dependents in case of his death. In this
situation, whole life plans can be valuable to reduce the burden of financial
losses after the death of key member.

It will
provide death benefits as well as saving element. The policyholder has option
to avail loan or make withdrawal under this policy.

Whole life
policy can be useful to create an estate for heirs after the death of
policyholder. Individual should select fitting sum assured, which will be
valuable to beneficiary in future. Keeping in mind, the needs and requirements
of your dependents, policy should be designed because policy proceeding will be
available to them. It will allow the affected family to maintain financial
consistency when you are not near them.

Some insurance
companies also provide maturity benefits considering the longevity of the
Indian population. Thus, it will provide maturity benefits as sum assured with
bonus on completion of insured age of 80 years or 40 years from the date of
commencement, whichever is later. Premium is payable for 35 years or up to 80
years of insured life whichever is later.

Policyholder
typically pays premium till the claim arises. Many insurance companies provide
options in premium payment like limited payment policy and single payment policy.
Term of the policy is not fixed. Therefore, the premium paying term will be
long.

Policy
proceedings can be utilized to meet daily household expenses, maintain similar
standard of living, repayment of debts, expenses related to education and marriages
and so on after the demise of key/sole earner. insurance is must for every
individual with dependents and have availed loans against property or car.
Whole life insurance policy will play significant role to repay debts and
provide financial stability upon the death of key member.

Individual
should carefully read the form and policy documents before paying the first
premium. Policy features and advantages/coverage should be cleverly understood
by the insured. Any default in submission of documents related to health
history or details about the previous policies can create problem for the
claimant at the time of claim.

Get Life Insurance Proposals

Upto 5 providers will offer you alternative proposals based on Feb 2018 premiums